Former Angels baseball player Doug DeCinces has agreed to pay $2.5 million to settle allegations that he used inside information to score big profits trading the stock of Santa Ana-based Advanced Medical Optics Inc.

The Securities and Exchange Commission announced the settlement Thursday. Authorities said DeCinces, acting on an illegal tip, bought more than 83,000 shares of Advanced Medical Optics in the weeks leading to its 2009 acquisition by North Chicago-based Abbott Laboratories Inc.

Shares of Advanced Medical Optics increased 143% after a public announcement in January 2009 that it would be acquired by Illinois-based Abbott. DeCinces made more than $1.2 million in profit through his trades of Advanced Medical, the SEC said. Get the full story >>